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Oil sees outflows as it trades at top of range

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9 år sedan

den

31 augusti, 2016

Redaktionen

Oil sees outflows as it trades at top of range

Second consecutive week of crude oil outflows as Brent trades closer to the top of range
Investors sell GBP and EUR shorts
Price declines in precious metals drive investors to sell silver and platinum but boosts gold buying

Oil ETPs see second week of outflows as oil trades closer to the upper end of the recent trading range. With Brent hovering close to US$50/bbl, investors continued to take profit on their long positions. The oil benchmark has struggled to trade significantly above US$50/bbl in the past few months. More US tight oil has become profitable around that level and that threatens to increase supply. Talks of oil market stabilisation by OPEC members initially supported prices, especially as inclusion of Russia and Iran in the effort boosted optimism. However, Saudi Arabia poured cold water over that optimism as the Energy Minister claimed that market forces are already helping the market come to a balance. US crude oil stocks surprisingly rose last week driving WTI down 1.8%. We saw US$43.7mn of outflows from long crude oil ETPs last week.

Investors trim short GBP positions by US$17.9mn as Sterling appears to have reached rock bottom. After the UK voted to leave the EU in June, GBP depreciated more than 10% reflecting the inevitable economic decline and prolonged uncertainty that will ensue as the country failed to have a plan of action to manage the exit. However, the economic weakness, aggressive central bank stimulus and the potential for a fiscal blow-out are largely priced in, giving little scope for further depreciation.

Investors sell EUR shorts. Investors sold US$9.0mn of long USD, short EUR ETPs, largely reversing inflows into the same the previous week. With the EUR having depreciated against the USD by 1.1% last week investors took profit on their positions.

Gold continues to see inflows for sixth consecutive week. With US durable goods orders coming in higher than expected and the second GDP reading confirming a solid economic base, the Federal Reserve is running out of excuses for not raising rates. Although heavily hedged with emphasis that the outlook is uncertain and monetary policy is not on a preset course, Yellen said that she believes the case for a rate rise has strengthened in recent months. Gold prices fell close to 1.5%. Investors however continue to buy gold ETPs, as they add to hedges in their portfolios. Inflows of US$121.5mn into gold ETPs mark a four-week high.

Palladium and silver ETPs see outflows. While palladium ETPs have seen outflows for seven consecutive weeks, last week’s outflow of US$12mn was the largest since November 2015. After a 30% rally since mid-June palladium’s performance has stumbled in recent weeks, driving higher outflows. Silver’s decline from US$20/oz to US$18.5/oz in August saw an outflow of US$7mn. The fundamentals for both palladium and silver remain strong and so lower prices offer investors a good entry point. Both metals are in a supply deficit and stand to benefit from an uptick in the industrial cycle. Palladium’s use in pollution abatement equipment and silver’s use in photovoltaics is likely to see their demand increase as global environmental standards tighten.

Video Presentation

Nitesh Shah, Research Analyst at ETF Securities provides an analysis of last week’s performance, flow and trading activity in commodity exchange traded products and a look at the week ahead.

For more information contact

ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com

Important Information

General

This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority.

Liknande ämnen:ETF Securities Nitesh Shah oil ETPs

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SPFT ETF är en global satsning på teknikföretag

Publicerad

7 timmar sedan

den

18 april, 2025

Redaktionen

SPDR MSCI World Technology UCITS ETF (SPFT ETF) med ISIN IE00BYTRRD19, strävar efter att spåra MSCI World Information Technology-index. MSCI World Information Technology-index spårar informationsteknologisektorn på de utvecklade marknaderna över hela världen (GICS-sektorklassificering).

ETFENs TER (total cost ratio) uppgår till 0,30 % p.a. SPDR MSCI World Technology UCITS ETF är den billigaste ETF som följer MSCI World Information Technology index. ETF:n replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFEn ackumuleras och återinvesteras i ETFEn.

SPDR MSCI World Technology UCITS ETF är en stor ETF med tillgångar på 709 miljoner euro under förvaltning. Denna ETF lanserades den 29 april 2016 och har sin hemvist i Irland.

Fondens mål

Fondens investeringsmål är att följa resultatet för företag inom tekniksektorn, över utvecklade marknader globalt.

Indexbeskrivning

MSCI World Information Technology 35/20 Capped Index mäter utvecklingen för globala aktier som klassificeras som fallande inom tekniksektorn, enligt Global Industry Classification Standard (GICS).

Handla SPFT ETF

SPDR MSCI World Technology UCITS ETF (SPFT ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
gettex	EUR	SS47
Bolsa Mexicana de Valores	MXN	WTECN
Borsa Italiana	EUR	WTEC
Euronext Amsterdam	EUR	WTCH
London Stock Exchange	USD	WTEC
London Stock Exchange	GBP	TECW
SIX Swiss Exchange	USD	WTEC
XETRA	EUR	SPFT

Största innehav

Värdepapper	Vikt %
Apple Inc.	18,34%
Microsoft Corporation	18,34%
NVIDIA Corporation	18,09%
Broadcom Inc.	4,29%
ASML Holding NV	2,39%
Advanced Micro Devices Inc.	1,50%
Adobe Inc.	1,44%
Salesforce Inc.	1,44%
Oracle Corporation	1,33%
QUALCOMM Incorporated	1,28%

Innehav kan komma att förändras

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Dogecoin in a portfolio: A small 1% allocation has a loud bark!

Publicerad

8 timmar sedan

den

18 april, 2025

Redaktionen

Dogecoin has outperformed other major cryptoassets over the past decade, while also exhibiting a low correlation to crypto and traditional assets. This creates a compelling argument for a portfolio allocation. We tested a Bitcoin-enhanced growth portfolio, which is a traditional 60/40 infused with 3% Bitcoin, and we introduced a modest 1% DOGE allocation. Since most prospective investors likely already hold Bitcoin, this offers a lens into how the two assets can complement each other.

Despite the small portfolio allocation, every approach delivered stronger returns. The benchmark returned 7.25% annually, while DOGE-enhanced portfolios reached as high as 8.95%. Sharpe ratios improved in almost all tests, indicating better risk-adjusted returns. Volatility did slightly tick up, but drawdowns remained largely contained. Even with no rebalancing, the max drawdown only deepened by a few percentage points, underscoring that even a 1% DOGE allocation adds meaningful punch without destabilizing the broader portfolio.

Rebalancing remains essential to capturing upside effectively. Without it, returns can plateau while risk quietly compounds. Monthly or weekly rebalancing offered the best balance, maximizing returns while keeping volatility and drawdowns in check, especially during periods of broader market stress, as we’ve recently seen. Given Dogecoin’s momentum-driven nature, a more strategic approach linked to broader crypto market cycles may offer even greater optimization beyond routine rebalancing.

With the right structure, a 1% allocation to Dogecoin isn’t reckless—it’s rewarding.

Bear Case

Despite strong fundamentals and a rich cultural legacy, Dogecoin’s recent rally, fueled by post-election memecoin mania, may have front-run its true cycle potential. As attention shifts to newer narratives, DOGE risks being seen as ’yesterday’s play,’ potentially underperforming even in a rising market. Still, that wouldn’t signal a flaw in its model, just a pause in a fast-rotating cycle.

Assuming a continued 10% compounded annual growth rate (CAGR) from its 2021 peak of $0.73, DOGE would be projected to land around $0.38 by 2025—still more than 2x from today’s levels but modest relative to past cycles. More notably, this would mark the first time Dogecoin fails to reach a new all-time high in a full market cycle.

Neutral Case

Dogecoin may not dominate headlines like it did at its peak, but it still holds cultural relevance and widespread recognition. In a scenario where the total crypto market cap peaks at $5 trillion this cycle and DOGE maintains a solid, albeit slightly reduced, market share of 3% instead of its previous 4%, this would result in a market capitalization of approximately $150 billion for DOGE.

At that valuation, DOGE would trade near $1 per coin, a ~5.5x gain from current levels around $0.185. This neutral case assumes Dogecoin retains its stature as the leading memecoin, despite increased competition, with stable adoption and renewed retail interest, but without the same euphoria of the last cycle.

Bull Case

If we take DOGE’s bottom price of $0.007 just before the last bull run began and fast-forward two years to the bottom of the current cycle at $0.0585, that move reflects a CAGR of 189%. If DOGE were to mirror this explosive growth, DOGE would reach approximately $1.42.

In this scenario, Dogecoin benefits from renewed memecoin mania, increasing real-world adoption, and stronger interest fueled by regulatory clarity and potential integration with major platforms like Elon Musk’s X. A full return of retail enthusiasm and broad cultural momentum could reestablish DOGE as the breakout asset of the cycle, potentially even doubling its all-time high.

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

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VBTC ETN spårar priset på kryptovalutan Bitcoin

Publicerad

9 timmar sedan

den

18 april, 2025

Redaktionen

VanEck Bitcoin ETN (VBTC ETN) med ISIN DE000A28M8D0, spårar värdet på kryptovalutan Bitcoin. Den börshandlade produktens TER (total cost ratio) uppgår till 1,00 % p.a. Denna ETN replikerar resultatet av det underliggande indexet med en skuldförbindelse med säkerheter som backas upp av fysiska innehav av kryptovalutan.

VanEck Bitcoin ETN är en stor ETN med 568 miljoner euro tillgångar under förvaltning. Denna ETN lanserades den 19 november 2020 och har sin hemvist i Liechtenstein.

Produktbeskrivning

Kombinera spänningen med bitcoin med enkelheten och säkerheten hos traditionell finans. Bitcoin är den äldsta kryptovalutan, med det största börsvärdet. Det ses ofta som digitalt guld, ett digitalt värdelager i en tid av osäkerhet. VanEck Bitcoin ETN är en fullständigt säkerställd börshandlad sedel som investerar i bitcoin.

100 % uppbackad av bitcoin (BTC)
Förvaras hos en reglerad kryptodepå, med kryptoförsäkring (upp till ett begränsat belopp)
Kan handlas som en ETF på reglerade börser (om än inom ett annat segment)

Huvudriskfaktorer

Volatilitetsrisk: Handelspriserna för många digitala tillgångar har upplevt extrem volatilitet under de senaste perioderna och kan mycket väl fortsätta att göra det. Digitala tillgångar har bara introducerats under det senaste decenniet och klarhet i regelverket är fortfarande svårfångad i många jurisdiktioner.

Valutarisk, teknikrisk, juridiska och regulatoriska risker. Du kan förlora pengar genom att investera i fonderna. Värdet på investeringarna kan gå upp eller ner och investeraren kanske inte får tillbaka det investerade beloppet.

Underliggande index

MarketVector Bitcoin VWAP Close Index (MVBTCV Index).

Handla VBTC ETN

VanEck Bitcoin ETN (VBTC ETN) är en europeisk börshandlad kryptovaluta. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och Euronext Amsterdam.

Det betyder att det går att handla andelar i denna ETP genom de flesta svenska banker och Internetmäklare, till exempel Nordnet, SAVR, DEGIRO och Avanza.